The U.S. based Robinhood is starting a waiting list in the United Kingdom after receiving regulatory approval.
The company which was founded in 2013 intends to launch itself in the U.K. and will bring in commission-free stock trading.
Speaking at the TechCrunch New York event on Wednesday, Vlad Tenev says that a waiting list for investors is planned to be opened next year. Robinhood has received Financial Conduct Authority authorization to be launched in the country.
Investors can enjoy trading in the Robinhood platform in the U.K. The investing platform will be opened in the U.K. early next year, says UK Robinhood President Wander Rutgers, and co-CEO and co-founder Vlad Tenev. It will be available for use by the first quarter of 2020, he says.
Robinhood investing platform is commission-free and investors can make use of the platform, says Rutgers. “We are going live in the international market and we are very excited”, says Tenev.
The UK app Robinhood can be of assistance in trading until it truly comes into effect in the United Kingdom. It will provide necessary information and videos of happenings in the Wall Street Journal, Reuters and CNN. Price movement alerts will be provided, analyst ratings, etc., will also be provided to help users get to know more information about their investment.
Others in the investing space that provide commission-free services are Freetrade, Bux, and Revolut.
Robinhood expects to attract young investors, especially the millennial who are new to the field of investment. Young people who are just starting on their own and do not have a previous brokerage account will benefit from the services of Robinhood, says Tenev. There will be no foreign exchange fees too, he says.
Revolut is expected to provide stiff competition to Robinhood as it is also in zero-commission trade. Tenev says that by focusing on the customer and not on competition, “we can attract more customers”.